Introduction to Accounting & Finance

Course Number:
BA 111
Transcript Title:
Introduction to Accounting & Finance
Created:
Jul 26, 2022
Updated:
Jun 29, 2023
Total Credits:
3
Lecture Hours:
30
Lecture / Lab Hours:
0
Lab Hours:
0
Satisfies Cultural Literacy requirement:
No
Satisfies General Education requirement:
No
Grading Options
A-F, P/NP, Audit
Default Grading Options
A-F
Repeats available for credit:
0
Prerequisites

IRW 115 or WR 115 or equivalent placement; placement into MTH 65 or MTH 98

Course Description

Presents double-entry accounting fundamentals as related to service and merchandising businesses, including understanding and preparation of financial statements. Prerequisites: IRW 115 or WR 115 or equivalent placement; placement into MTH 65 or MTH 98. Audit available.

Course Outcomes

Upon successful completion of BA 111, the student will be able to:

  1. Explain the conceptual foundation of the double-entry accounting model.
  2. Demonstrate knowledge of the basic steps in the accounting cycle.
  3. Apply knowledge of accounting procedures to rudimentary financial record-keeping requirements of a business.
  4. Communicate effectively using basic accounting terminology.

Suggested Outcome Assessment Strategies

Written examinations which demonstrate the ability to do accounting procedures as well as understand accounting principles and concepts. Problem assignments which demonstrate the application of appropriate accounting procedures.

Course Activities and Design

The determination of teaching strategies used in the delivery of outcomes is generally left to the discretion of the instructor. Here are some strategies that you might consider when designing your course: lecture, small group/forum discussion, flipped classroom, dyads, oral presentation, role play, simulation scenarios, group projects, service learning projects, hands-on lab, peer review/workshops, cooperative learning (jigsaw, fishbowl), inquiry based instruction, differentiated instruction (learning centers), graphic organizers, etc.

Course Content

Outcome #1: Explain the conceptual foundation of the double-entry accounting model.

To address this outcome, students should be taught:

  • The nature of and relationship between business, accounting, and Generally Accepted Accounting Principles
  • The Accounting Equation and the relationship between assets, liabilities, and equity
  • The four components of equity (contributions, distributions, revenue, and expenses)
  • The double-entry accounting system
Outcome #2: Demonstrate knowledge of the basic steps in the accounting cycle.

To address this outcome, students should be taught:

  • How to use accounts to record transactions
  • The steps in the accounting cycle from journalizing entries and posting to ledger accounts through to preparation of the Post-Closing Trial Balance
  • The definition of accruals, deferrals, depreciation, and amortization
Outcome #3: Apply knowledge of accounting procedures to rudimentary financial record-keeping requirements of a business.

To address this outcome, students should be taught:

  • The similarities and differences between service, merchandising, and manufacturing businesses from an accounting perspective
  • How to prepare financial statements for external and internal use
  • The basic functionality of accounting software and its relationship to a manual system
  • Time Value of Money concepts, calculations, and application to accounting and finance
Outcome #4: Communicate effectively using basic accounting terminology.

To address this outcome, students should be taught:

  • The relationship and differences between managerial and financial accounting
  • The relationship and differences between accounting and finance
  • How to analyze business financial statements and communicate the interpretation to users of the information
  • How to perform basic analysis on financial statements
    • Horizontal, and vertical analysis
    • Segment analysis
  • How to perform ratio analysis to assess business performance
    • Liquidity ratios
    • Asset management ratios
    • Debt management ratios
    • Profitability ratios
    • Market value ratios
  • How to perform basic capital budgeting and cash flow estimation
  • How to perform differential analysis for decision making

Suggested Texts and Materials

Text: Accounting, 27th Ed; Warren/Reeve/Duchac; Cengage Learning

Text: Fundamentals of Financial Management, Concise Edition, 10th Edition; Brigham/Houston; Cengage Learning

Department Notes

This is an introductory course targeted at students that have had no prior accounting. The emphasis is on the analytical skills and procedures needed by business and accounting students, as well as those with financial record-keeping responsibilities in their current job.

An understanding of accounting is necessary to examine the performance and financial health of business. For this reason, accounting is often referred to as the "language of business". This course is the ideal way for students to acquire a valuable skill as well as begin to develop an appreciation of the role of accounting in the assessment and management of a business. It is recommended as a preliminary course both for students interested in business generally, and for those planning a career in accounting.